Aluminium Composite Panel In China
IRVINE, CA--(Marketwire - December 23, 2008) - Composite Technology Corporation (CTC) (
Composite Technology Announces Orders in China
Order Flow Resumes in Growing Chinese Market
The order is significant as it signals the resumption of order flow for new projects in China. The second half of 2008 noted a drop off in orders due to the impact of the Summer Olympics in China and the subsequent holidays. Projects were suspended during this time. Starting in mid-October transmission line projects resumed and the backlog of suspended projects was addressed. The resumption of orders signals Far East is working through the end of the backlog projects and is looking ahead to new projects for 2009. The core will be stranded by Far East in China under terms of the established Distribution Agreement. The line is planned for installation late in the first quarter of 2009.
"While not generally recognized by people not participating in the Chinese market, the impact of the Olympics and other events in over the past year was substantial. Transmission projects essentially came to a halt until the events were complete. We are very happy to be back on the path towards our normal order flow with the Far East," stated Marv Sepe, COO of CTC and President of CTC Cable.
About Jiangsu New Far East Cable Corporation:
Jiangsu New Far East Cable Corporation and its subsidiary, Far East Composite Technology Company, are located in Yixing City, Jiangsu, China. Jiangsu New Far East is one of China's leading manufacturers of electrical transmission and distribution cable, which it sells to China's regional power grids through 200 local distributors.
Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation products through its subsidiaries:
CTC Cable Corporation produces composite rod for use in its patented high efficiency ACCC* conductors (Aluminum Conductor Composite Core) used in electrical transmission grids. ACCC conductors have less line loss compared to similar diameter conventional conductors and therefore enable power generators to reduce the amount of generation while still delivering the same power to customers. Our conductors have demonstrated significant savings in upgrade capital costs as well as operating expenses when substituted in grid systems. ACCC conductors enable grid operators to reduce blackouts and brownouts by providing reserve electrical capacity, since they can be operated at higher temperatures without significant thermal line sag. ACCC conductors are an economical solution for reconductoring power lines, constructing new lines and crossing large spans. ACCC core is produced by CTC Cable and delivered to licensed qualified conductor manufacturers worldwide for ACCC conductor production and resale into local markets.
DeWind Inc designs, produces, and sells the DeWind series of wind energy turbines, including the new 2 megawatt (MW) D8.2 model in both 60Hz and 50Hz, the 2MW D8 model in 50Hz, and the 1.25MW D6 model in 50Hz. The D8.2 turbine uses a WinDrive® hydrodynamic torque converter, by Voith AG, in combination with a synchronous high voltage generator that is synchronized directly to the grid without the use of power conversion electronics. DeWind D8.2 turbines are assembled at TECO Westinghouse Motor Co., in Texas.
*ACCC is a trademark of CTC Cable Corporation
For further information visit our website: www.compositetechcorp.com. Investor Relations Contact: James Carswell, +1-949-428-8500.
This press release may contain forward-looking statements, as defined in the Securities Reform Act of 1995 (the "Reform Act"). The safe harbor for forward-looking statements provided to companies by the Reform Act does not apply to Composite Technology Corporation (the "Company"). However, actual events or results may differ from the Company's expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties including, but not limited to, new or revised governmental laws and regulations (or the lack thereof) that affect wind energy, competition with larger companies, development of and demand for a new technology, risks associated with a startup company, the ability of the company to convert quotations and framework agreements into firm orders, our customers' fulfillment of payment obligations under the respective supply agreement, our ability to deliver reliable turbines on a timely basis, general economic conditions, the availability of funds for capital expenditure and financing in general by us and our customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to produce the turbines and acquire their components, ability to maintain quality control, collection-related and currency risks from international transactions, the successful outcome of joint venture negotiations, or the Company's ability to manage growth. Other risk factors attributable to the Company's business may affect the actual results achieved by the Company, including those that are found in the Company's Annual Report filed with the SEC on Form 10-K for fiscal year ended September 30, 2007, the upcoming Company's Annual Report filed with the SEC on Form 10-K for fiscal year ended September 30, 2008, and subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports filed on Form 8-K that will be included with or prior to the filing of the Company's next Quarterly or Annual Report.
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